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TSX Symbol: ZAR Zargon Oil & Gas Ltd. Announces Delay of Release of First Quarter Results and Shut In of Production

CALGARY, Alberta, May 13, 2020 (GLOBE NEWSWIRE) -- Zargon Oil & Gas Ltd. (“Zargon” or the “Company”) announces that it plans to delay release of first quarter 2020 results, consisting of the Management’s Discussion and Analysis and Interim Financial Statements until approximately June 2, 2020 under the Alberta Securities Commission blanket relief of reporting requirements for 45 days from the otherwise required deadline of May 15, 2020, which establishes a new requirement of reporting on or before June 29, 2020. The company's management and other insiders are subject to an insider trading blackout policy that reflects the principles in Section 9 of National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions).

Zargon also announces that it has shut in all producing Alberta operated properties as April’s realized field oil prices declined to levels significantly below the variable costs of production. The timing of the reactivation of these properties will be dependent on future WCS oil price trends, Zargon’s participation in the Alberta government’s Site Rehabilitation Program and Zargon’s efforts to improve its financial situation through refinancing and restructuring initiatives.